Key benchmark indices bounced back and hit fresh intraday high in morning trade. The Nifty regained 12,350 level after slipping below that level in early trade. Telecom stocks were in action after Supreme Court dismissed review petitions by various telecom companies challenging the Supreme Court judgement in the Adjusted Gross Revenue (AGR) case.

At 10:24 IST, the S&P BSE Sensex, was up 85.39 points or 0.2% at 42,017.95. The Nifty 50 index was up 16.30 points or 0.13% at 12,371.80.

In the broader market, the S&P BSE Mid-Cap index was up 0.37% while the S&P BSE Small-Cap index rose 0.42%. Both these indices outperformed the Sensex.

The market breadth was positive. On the BSE, 1144 shares rose and 751 shares fell. A total of 113 shares were unchanged. In Nifty 50 index, 26 stocks gained while 24 stocks declined.

Buzzing Index:

The S&P BSE Telecom index was down 0.19% at 1,140.32. Vodafone Idea (down 32.17%) and Bharti Infratel (down 9.88%) slumped. Reliance Industries, which owns Reliance Jio, was up 2.17% and Bharti Airtel was up 3.55%.

The Supreme Court on Thursday dismissed pleas filed by Bharti Airtel and Vodafone Idea to review its earlier judgment that had asked telecom operators to pay their outstanding dues to the government. The review petitions were filed to seek relief on interest and penalty payments in connection to the verdict on AGR. The deadline for telecom companies to meet the license fee dues as per the apex court's AGR judgement is 23 January 2020.

According to reports, Vodafone Idea and Bharti Airtel are likely to file curative petitions, besides applying to the court for more time to make the payments, a combined Rs 89,000 crore for the two.

Supreme Court in October 2019 had ruled in favor of the government on the AGR issue. AGR is the basis on which DoT calculates levies payable by operators. Telecom operators are liable to pay around 3-5% and 8% of the AGR as spectrum usage charges and licence fees, respectively, to DoT.

Telcos argued that AGR should comprise revenue from telecom services, but DoT insisting that AGR should include all revenue earned by an operator, including that from non-core telecom operations.

Q3 Earnings:

Among Nifty stocks, HCL Technologies (up 0.5%), Reliance Industries (up 2.17%) and TCS (up 0.25%) will announce their Q3 December 2019 results today.

Fertilizers and Chemicals Travancore (up 2.12%), L&T Finance Holdings (up 1.43%), Blue Dart (up 1.39%), ICICI Lombard General Insurance (up 0.68%) and L&T Technology Services (down 0.29%) are some of the companies that will announce their Q3 2019 Earnings today,

Q3 2019 Results:

Rallis India advanced 13.23% to 218.65 after consolidated net profit surged 176.52% to Rs 38.05 crore on 27.85% rise in net sales to Rs 533.60 crore in Q3 December 2019 as against Q3 December 2018. Consolidated profit before tax climbed 146.05% to Rs 48.30 crore in Q3 December 2019 over Rs 19.63 crore in Q3 December 2019. The result was announced after trading hours yesterday, 16 January 2020.

Hathway Cable & Datacom jumped 3.17% to Rs 22.75 after the company announced stellar Q3 2019 result after market hours yesterday, 16 January 2020. On consolidated basis, the company reported a net profit of Rs 67.24 crore in Q3 December 2019 as against a net loss of Rs 57.9 crore in Q3 December 2018. Net sales rose 12.3% to Rs 450.82 on YoY basis.

Shares of Cyient were trading 1.35% lower at Rs 446. The IT firm reported a 10.35% rise in its consolidated net profit to Rs 107.60 crore in Q3 December 2019. Revenue from operations declined 4.57% to Rs 1,105.90 crore in Q3 December 2019 as against Q2 September 2019.

Powered by Capital Market - Live News